The Co-operative Group acquires 28 Food stores
The Co-operative Group has acquired Scottish convenience retailer, David Sands Ltd, which has 28 food stores, for an undisclosed sum.
The Group’s purchase of the 28 outlets, located in Fife, Kinross and Perthshire, is the latest step in its ambitious plans to expand its 2,800-strong UK food store network by more than 300 stores over the next three years, employing up to 7,000 staff.
The two businesses have exchanged contracts and the sale is expected to be completed in the next couple of months, subject to a review by the Office of Fair Trading.
Almost 700 David Sands’ staff will join The Co-operative Group as part of the acquisition of the family-run business, which was founded in 1812.
In the last two months, The Co-operative has opened 16 new food stores, including eight in Scotland, and later this month it will launch a brand new food store at Bridge Road, Battersea, as part of the prestigious Royal College of Arts’ major campus expansion, following a £770,000 investment.
Peter Marks, Group Chief Executive, The Co-operative Group, said: “This major acquisition is another important step in our plans to expand The Co-operative Food estate.
“The Sands stores will be a valuable addition to our food portfolio as we forge ahead with our programme to grow the business by seeking new opportunities at the heart of local communities right across the UK.
“Furthermore, this deal will significantly strengthen our position in Scotland, especially in Fife, Kinross and Perthshire, and complement our existing store estate, which operates from the Highlands and Islands to the Borders.”
The Co-operative, which is the UK’s largest mutual business, currently has 370 food stores in Scotland, serviced from a state-of-the-art composite distribution centre which opened in Newhouse, near Glasgow, in 2011. The Co-operative Food is the fourth largest food retailer in Scotland, with an annual turnover of more than £1 billion.
The Co-operative Group is the UK’s largest mutual business, owned not by private shareholders but by over six million consumers. It is the UK’s fifth biggest food retailer, the leading convenience store operator and a major financial services provider, operating The Co-operative Bank, Britannia and The Co-operative Insurance. Among its other businesses are the number one funeral services provider and Britain’s largest farming operation. As well as having clear financial and operational objectives, the Group has also set out its social and sustainability goals in its groundbreaking Ethical Plan, which specifies almost 50 commitments in these areas.
The Group operates 4,800 retail trading outlets, employs more than 106,000 people and has an annual turnover of more than £13 billion. Further information is available at www.co-operative.coop
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